Applying for an IVA in Bradford

If you are not in the habit of planning your expenses and finances, it is very easy to get into a serious personal debt problems. The main issue is that some people do not realise the extent of their debt until it is too late. When you reach such a situation, it is better to get help from authorized debt management firms that are available in Bradford. Bankruptcy has been always a popular choice for such debtors but it comes with its own certain problems. IVA is another better debt management program that can get you to be totally debt free at the end of 5 years. IVA (Individual Voluntary Agreement) is an arrangement between the debtor and their different creditors where the debtor makes contribution towards the debt to each of the creditor over a period of time, which is usually 5 years without incurring further finance charges, interest or penalties. This is the main advantage of the IVA that you will not be penalized with more interest and financial charges once you enter into IVA. It is usually initiated when 75% of the creditors agree to the repayment proposal put forward by the licensed Insolvency Practitioner. There are many firms in Bradford offering specialised IVA services.

The procedure for applying for IVA and the process of finalising it is the same in Bradford as in any other city in UK. One of the things that is mandatory to be eligible to apply for IVA in Bradford is that your debt should be over £15000. Also you have more chance of getting your IVA initiated if your debt is divided between at least 3 creditors which means that you should be owing money to minimum of 3 different creditors rather than to only a single creditor. Needless to say you need to have a steady source of income that provides you regular monthly payments so that you will be able to contribute towards IVA. If you meet all the criteria of IVA, your insolvency practitioner through whom you are initiating this IVA will ask you to submit the necessary documents that are needed to review your case. You need to be completely honest about your financial situation and need to furnish statements from each of your creditor stating the debt amount. You also need to submit income statements for the previous three months. If you own a home or/and a vehicle and have mortgage on it, you need to submit those papers as well. After analysing your financial status, your Insolvency Practitioner will generate a monthly repayment structure that is affordable for you after covering all your daily living expenses. An Individual Voluntary Agreement that is prepared and managed by a licensed practitioner only has legal validity.

ed monthly in the same manner like other creditors till the IVA period is over, which is usually 5 years. The most important part of the IVA is sticking with the repayment even if you move away from Bradford so that the remaining debt will be written off by your creditors after the IVA term.

If you happen to get a large amount of money arranged through a third party or any other means, after the IVA is started, you can pay up the amount and end your IVA sooner through your insolvency practitioner in Bradford. He can revise the plan and can arrange to get your IVA finished sooner than 5 years. The same procedure needs to be done if you happen to get your monthly income increased due to a pay rise. Towards the final year of the IVA, you will have to release any equity that you could have on your property to compensate the creditors as per the agreement. It is the aim of the creditor will be to collect as much as possible before they write off the remaining debt. If you complete the IVA without fail, you can be guaranteed to be debt free in Bradford.

1. Kingsland Financial Solutions is an IVA consulting firm in Bradford located at York House, 249 Manningham Lane, Bradford, West Yorkshire, BD8 7ER. They can be contacted at 0800 955 3595. Visit for more details.

2. Auker Rhodes is one of the leading group of chartered accountants providing IVA services as well and is located at Devonshire House,31 to 34 North Parade, Bradford, West Yorkshire, BD1 3HZ. They can be contacted on phone at 01274 299 499 and more details can be found at the website

3. Debt Restructuring Solutions provides IVA consultations over the phone at 0800 169 1536. They offer services to many cities including Bradford. More details can be found at

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